Lennox International, Inc. (NYSE:LII) 3Q18 Profit Down 13%; Cuts 2018 Outlook

Lennox International, Inc. (NYSE:LII) reported net income for the third quarter of $ 108.00 million or $ 2.65 per share, compared to income $ 103.50 million or $ 2.44 per share for the year-ago quarter.

The Richardson based company recorded third quarter adjusted income from continuing operation of $ 110.40 million or $ 2.20 per share.

The net sales for third quarter decreased 2% to $ 1.03 billion from $ 1.05 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected LII to report income of $ 2.92 per share on revenue of $ 1.05 billion for the third quarter.

For 2018, we are raising the estimated business interruption impact from the tornado, which will reverse to a benefit in 2019 upon the receipt of insurance proceeds. We plan to repurchase $100 million of stock in the fourth quarter as we look toward a strong close to 2018 and ahead to 2019. said Chairman and CEO Todd Bluedorn.

Looking ahead, Lennox International, Inc.
cuts down full year 2018 diluted earnings to a range of $8.70 to $9.10 per share from previous range $8.90 to $9.30.

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